Banks and payment providers will collaborate to create the QR code.
The newly established Payments Council formed an industry taskforce to develop a common QR code for Singapore (SGQR).
According to the Monetary Authority of Singapore (MAS), it will co-lead the SGQR with the Info-communications Media Development Authority (IMDA).
Stakeholders in the SGQR include banks, payment schemes, QR payment service providers, and relevant government agencies.
MAS revealed that companies like Alipay, DBS, Mastercard, and UOB are part of the taskforce lineup.
SGQR aims to have standards set for domestic and international payment schemes by the end of the year.
The SGQR Taskforce will also decide on the governance structure and implementation strategy for QR payments.
According to MAS, the Payments Council recognized electronic payments as an enabler to enhance businesses in Singapore, especially now that it approaches the Smart Nation initiative.
However, interoperability among e-payment solutions is still lacking.
MAS managing director and Payments Council chairman Ravi Menon said, “The Council is off to a good start. This is the kind of idea exchange and collaboration that we need within the ecosystem to realise our shared vision of an e-payments society. Our goal is to make the payments experience efficient for businesses and delightful for everyone, including the young and elderly.”
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